Luanda, Oct. 2, 2024 (Lusa) - Angola's Gross Domestic Product (GDP) grew by 4.1% in the second quarter of this year, compared to the same period in 2023, according to the Angolan National Statistics Institute (INE).
INE notes, however, in the quick estimate for the National Accounts for the second quarter of 2024 that, compared to the first quarter of the year (4.6%), and taking into account the seasonally adjusted series, GDP grew less.
The Rapid Information Sheet (FIR) explains that "due to the method used to compile the Quarterly National Accounts, the direct method was chosen to seasonally adjust the quarterly series".
GDP in the second quarter of 2024 totalled 18.7 trillion kwanzas (around €17.9 billion).
The data shows that construction, trade, transport and storage, post and telecommunications, real estate services and rental and other services contributed negatively to the change in GDP between the first and second quarters of 2024.
The accumulated change over the course of the year, compared to the same period in 2023, shows that GDP grew by the aforementioned 4.1% compared to the same period in the previous year, fundamentally due to the activities of agriculture (4.0%), oil extraction and refining (4.6%), electricity and water (8.7%), trade (4.9%) transport and storage (15.0%), diamond mining, metallic minerals and others (33.3%), other services (4.7) and fisheries (5.7%).
The activities with the most weight and which are important factors for the performance of the GDP in the second quarter of 2024 were the extraction and refining of crude oil and natural gas with 31.8%, trade with 18.3%, followed by agriculture and forestry with 12.7%, other services with 11.8%, manufacturing products with 7.7% and fishing with 5.3%.
Meanwhile, Oxford Economics today revised upwards its forecast for the growth of Angola's economy this year, to almost 4%, after growth of 4.1% in the second quarter, compared to the same period in 2023.
"Economic growth in the second quarter of this year was much better than anticipated; in addition to the continued recovery in oil production, which was already expected, the oil economy remained surprisingly robust despite severe droughts in the south of the country, high inflation and the reduction in transport subsidies," the analysts write.
Commenting on the figures from the Angolan National Statistics Institute, which point to an expansion of 4.1%, slightly down on the 4.6% recorded in the first quarter, the African department of this British consultancy says that "the dynamic economic activity in the first half of the year suggests that Angola's economic growth this year should be closer to 4%", an improvement on its previous forecast, "of 2.9%".
According to these analysts, oil production should increase by 4.3% to 1.18 million barrels per day during the year, while growth in the non-oil economy will be sustained by oil refining, mining, transport infrastructure, renewable energy and the extension of the privatisation programme.
NME/AYLS // AYLS
Lusa
